They’re upset at everyone BUT themselves. When will people take responsibility for their decisions? No one pushed your hand to sign that line. Totally agree with everything you’ve said Santo.
What struck me was when Santo said the buyers purchased THREE properties! That says it all about the greed clouding the minds of people when they imagine markets will only move in one direction.
The thing is, hundred of thousands have invested in RE and profited greatly over the last 20 years. It seems it was the most common and sure way to make money, skeptics who predicted a market crash were often dismissed as conspiracy theorists predicting the end of the world.
People who have never owned or run a business suddenly thought they were entrepreneurs. The market sucked them in, unfortunately there is no easy money to be made, ever anywhere.
They shouldn't be struggling at all unless they committed mortgage fraud of course......😮..they must have qualified for a mortgage with a stress test...unless the stress test was based of fraudulent income documents
I do feel bad for those who got caught in high payments. But too many bought way above their means and the people with 3 precons they definitely caught with music almost stopped with no chair to sit on.
More than fair enough. Nevertheless, when the buyer is very young, they should be able to count on good guidance (I got enticed into a property by a family member, when very young & market very hot & got shell shocked forever...long story LOL). Young people count on the wisdom and experience of their elders, because they personally have very little to base their opinions on, in terms of real like observation. However, that said, the greed and the naïveté, in general, that has been observed in recent years, is just off the charts. It is physics -- what goes up, must come down. And the good old maxim: When the masses go in one direction...you go the opposite! Thank you Santo for all that you are !
I agree with you that the buyers should take ownership of this. However, when these inflated prices and suppressed rates were happening were was all the education that needed to take place instead of FOMO! Sadly you are a dollar short and a day late.
Looks like a normal seasonal market. Come Fall it will look seasonal as well. And Spring should be slightly up again will lower inventory. People think a balanced market means prices will soon crash bc the gta usually goes up 5-10% a year
At the height of the US crisis in '07 up to 35 on ninja loans were common, so 3 pre-con means long ways to go for a bottom till all pre cons washed out ? lol Then the mortg. renewers at higher rates but could be saved if BoC lowers based on how bad the banks / other mortg. providers are plus the eco ? The big 6 are carrying both US and losses here atm lol
Blaming everyone else is the easy way for not taking responsibility, when you make a decision stand by it and take responsibility. To be fair my mortgage broker told us to consider fix rate mortgage before the pandemic and I wish we had listened to them, so now we have to take responsibility for all the rate hikes and big loss even if they did not mention fix rate at all.
People were conditioned for 20 plus years prices always go up! Young people i feel some sorry. Its the okder ones 50 plus like myself that don’t remember 1989 when economy crashed and houses easily cut in half.
This kind of thinking is what has caused the collective nightmare. If you bought in 2008, brilliant 👏 if you buy, as an investment in 2024... why? What do you expect to make? How high is the risk? Is there anything else you could invest in that would have lower risk and higher yield? Absolutely. You can buy bonds and GICs that have virtually no risk and will certainly yield much higher RIO at this point. You would have to be a complete fool to use real estate as an investment now
They’re upset at everyone BUT themselves. When will people take responsibility for their decisions? No one pushed your hand to sign that line. Totally agree with everything you’ve said Santo.
This message would have been more valuable in 2020-2021
What struck me was when Santo said the buyers purchased THREE properties! That says it all about the greed clouding the minds of people when they imagine markets will only move in one direction.
Its the johnny come latelys and speculators will get the rug pull.
No realtor ever said you have the most to lose several years ago
Now it's.. I told you so
The thing is, hundred of thousands have invested in RE and profited greatly over the last 20 years. It seems it was the most common and sure way to make money, skeptics who predicted a market crash were often dismissed as conspiracy theorists predicting the end of the world.
People who have never owned or run a business suddenly thought they were entrepreneurs. The market sucked them in, unfortunately there is no easy money to be made, ever anywhere.
If they were up 20% on their precons, surely they wouldn't be running around to find someone else to take responsibility for that 20% profit.
Cat tells mouse, "You need to be careful. What were you thinking?"
You have to live within your means, but most people like to speculate, which works well in good times.
They shouldn't be struggling at all unless they committed mortgage fraud of course......😮..they must have qualified for a mortgage with a stress test...unless the stress test was based of fraudulent income documents
Absolutely great video. Thanks Santo.
I do feel bad for those who got caught in high payments. But too many bought way above their means and the people with 3 precons they definitely caught with music almost stopped with no chair to sit on.
More than fair enough. Nevertheless, when the buyer is very young, they should be able to count on good guidance (I got enticed into a property by a family member, when very young & market very hot & got shell shocked forever...long story LOL). Young people count on the wisdom and experience of their elders, because they personally have very little to base their opinions on, in terms of real like observation. However, that said, the greed and the naïveté, in general, that has been observed in recent years, is just off the charts. It is physics -- what goes up, must come down. And the good old maxim: When the masses go in one direction...you go the opposite! Thank you Santo for all that you are !
I agree with you that the buyers should take ownership of this. However, when these inflated prices and suppressed rates were happening were was all the education that needed to take place instead of FOMO! Sadly you are a dollar short and a day late.
No wonder realtors are now diversifying to new revenue streams such as YT content
If you can't pay it off in 15 or 20 years i wouldn't buy it. I want a life.
God forbid people only purchase 1 property to actually live in for years/decades to come...
Looks like a normal seasonal market. Come Fall it will look seasonal as well. And Spring should be slightly up again will lower inventory.
People think a balanced market means prices will soon crash bc the gta usually goes up 5-10% a year
Noticed some realtors are selling condos on market place these days. Times are that bad hahaha
At the height of the US crisis in '07 up to 35 on ninja loans were common, so 3 pre-con means long ways to go for a bottom till all pre cons washed out ? lol Then the mortg. renewers at higher rates but could be saved if BoC lowers based on how bad the banks / other mortg. providers are plus the eco ? The big 6 are carrying both US and losses here atm lol
Blaming everyone else is the easy way for not taking responsibility, when you make a decision stand by it and take responsibility. To be fair my mortgage broker told us to consider fix rate mortgage before the pandemic and I wish we had listened to them, so now we have to take responsibility for all the rate hikes and big loss even if they did not mention fix rate at all.
People were conditioned for 20 plus years prices always go up! Young people i feel some sorry.
Its the okder ones 50 plus like myself that don’t remember 1989 when economy crashed and houses easily cut in half.
Love your videos ❤
Nothing ventured, nothing lost.
Preach!
Santo help us with your wealth!
This kind of thinking is what has caused the collective nightmare. If you bought in 2008, brilliant 👏 if you buy, as an investment in 2024... why? What do you expect to make? How high is the risk? Is there anything else you could invest in that would have lower risk and higher yield? Absolutely. You can buy bonds and GICs that have virtually no risk and will certainly yield much higher RIO at this point. You would have to be a complete fool to use real estate as an investment now
Sounds like they tried to be muppet flippers and lost. Oh well😂
It's not MY fault I take no responsibility for my actions.
Blame Trudeau!!😂😂😂
It's fake paper money..😮
FOLKS
So they are two spoiled brats who haven’t grown up?